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10-K annual report · filed Jul 10, 2025

Conagra Brands (CAG) FY2025 10-K Annual Report

CAG overviewOriginal on SEC EDGAR
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Conagra Brands (CAG) filed its fiscal 2025 10-K annual report with the SEC on Jul 10, 2025. It reported revenue of $11.6B (−3.6% year over year) and net income of $1.2B.

  • Top risk flagged: Cybersecurity risk managed by dedicated internal team led by CISO with 25+ years experience and reporting to CIO with 20+ years at Conagra

FY2025 key financial metrics · XBRL

Revenue
$11.6B
−3.6% YoY
Net income
$1.2B
+231.9% YoY
Operating margin
11.8%
+2.0 pp YoY
Gross margin
25.9%
−1.8 pp YoY
EPS (diluted)
$2.40
+233.3% YoY
ROE
12.9%
+8.8 pp YoY
Operating cash flow
$1.7B
−16.1% YoY

Source: XBRL data from the Conagra Brands (CAG) FY2025 10-K on SEC EDGAR. USD.

Conagra Brands FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: North American branded consumer packaged goods food company with Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments
  • New leadership additions in 2024: Noelle O'Mara as EVP & President, New Platforms and Acquisitions; Thomas McGough promoted to EVP & COO
  • Strategic focus on innovation and expanding adjacent categories including acquisitions, driven by agile collaboration and evolving consumer food preferences
  • Employee count stable near 18,300 with 44% unionized; Occupational Safety and Health Administration incident rate improved to 1.32 in 2025 from 1.58 in 2023
  • Largest customer Walmart accounted for 29% of net sales in 2025, slightly up from 28% in prior two years indicating stable major account concentration

Management Discussion & Analysis

  • Revenue $11.61B, down 3.6% YoY; Grocery & Snacks $4.90B (-1.2%), Refrigerated & Frozen $4.66B (-4.2%), International $957M (-11.3%), Foodservice $1.09B (-4.7%)
  • Operating margin declined: Grocery & Snacks profit $1.02B (-7.6%), Refrigerated & Frozen $652M (-20.1%), International $144M (-7.1%), Foodservice $131M (-13.4%)
  • Refrigerated & Frozen worst performer: $651.7M profit (-20.1%); Grocery & Snacks best performer: $1.02B profit (-7.6%)
  • Diluted EPS $2.40 vs $0.72; SG&A expenses $1.54B up $49.8M; net interest expense down 3.2% to $416.7M; equity earnings $182.4M up; $200M term loan added; significant tax benefit of $253.5M improved net income
  • Fiscal 2026 outlook: expect continued volume pressure from inflation, tariffs, FX headwinds; effective tax rate ~23%; focus on mitigating macroeconomic risks and managing supply chain challenges

Risk Factors

  • Cybersecurity risk managed by dedicated internal team led by CISO with 25+ years experience and reporting to CIO with 20+ years at Conagra
  • Board Audit/Finance Committee receives cybersecurity updates each meeting on program state, emerging threats, and mitigation strategy
  • Cyber incident response plan tested regularly via tabletop exercises involving external experts and strategic crises management coordinator
  • Cross-functional Corporate Cybersecurity Steering Committee includes SVP Corporate Controller, IT, finance, supply chain, legal, and HR leadership
  • No specific regulatory, geopolitical, supply chain, competitive, or financial risks detailed in provided text

Generated from the filing text; verify against the original. How to read a 10-K

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